According to a new market report published by Future Market Insights, the global Ferrovanadium market is estimated to a reach value of US$ 3,547.6 Mn by 2018 end and is expected to expand at a CAGR of 5.0% from 2018 to 2028 and reach a market value of US$ 5,776.5 Mn by 2028.
Ferrovanadium is an alloy used to strengthen steel. It is a combination of iron and vanadium in which vanadium content varies from 35%-80%. It is used as an additive to enhance the quality of ferroalloys. When added to steel, the products are light in weight with extremely high tensile strength. The market for ferrovanadium is primarily driven by increasing demand for high strength steel and high strength low alloy steel from the construction and automotive and transportation industries. The growth of these industries will be the key contributor responsible for the growth of the market of ferrovanadium during the forecast period. As these industries are most prominent industries consuming majority of the steel consumption across the globe.
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In terms of market value, China is expected to dominate the global ferrovanadium market during the forecast period. The Chinese ferrovanadium market is anticipated to witness additional demand for ferrovanadium in the coming years, mainly due the revised standards by the Chinese government for increasing the tensile strength of rebar products. The new rebar have high earthquake resistance, which will create higher demand for ferrovanadium for the manufacturing of steel as increasing the quantity of ferrovanadium in the production mix results in improved tensile strength.
Western Europe is expected to be the second largest market for ferrovanadium and accounted for a revenue share of around 17.2% in the global ferrovanadium market value in 2017. This regional market is slated to expand at a CAGR of around 4.3% between 2018 and 2028.
On the basis of grade, the FeV80 grade segment is projected to dominate the global ferrovanadium market throughout the forecast period. Due to increasing adoption of FeV80 in the production of light weight and high strength steel products, this segment is expected to be the fastest growing segment in terms of product type in the global ferrovanadium market during the forecast period. In terms of market value, the FeV80 segment is expected to expand at a CAGR of 5.1% between 2018 and 2028.
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Names of some of the market participants involved in the production of Ferrovanadium are EVRAZ, AMG Advanced Metallurgical Group, Bear Metallurgical Company, TREIBACHER INDUSTRIE AG, Reade International Corp., Masterloy Products Company, Hickman Williams & Company, JINZHOU GUANGDA FERROALLOY CO., LTD, TAIYO KOKO Co., Ltd., Woojin Ind. Co., Ltd., JAYESH GROUP, Pangang Group Vanadium Titanium & Resources Co., Ltd., and NTPF Etalon Co., Ltd. The players in the global ferrovanadium market are mostly performing self-integrated operations. Either they are vanadium manufacturers and are providing ferrovanadium or they are manufacturers of ferrovanadium as well as steel. This kind of self-integrated operations is creating raw material security and hence players are focussed on expansion of their market share using these capabilities.